EVAN Group plc.
EVAN Group plc.: Success in Würzburg leads to leaner structures at EVANGroup
DGAP-News: EVAN Group plc.
/ Key word(s): Real Estate/Strategic Company Decision
Success in Würzburg leads to leaner structures at EVANGroup – Sale of micro-apartments in Würzburg is going according to plan – Exclusive focus in future on apartments in cities with high proportion of single households – EVANGroup ends activities in the retail sector
“The background to this decision is the increasing reduction in sales in the stationary retail trade and the development risks associated with the implementation,” explains Ulrich Gerstner, Director of EVAN. “We constantly review our market positioning and have come to the conclusion that our livinit strategy, i.e. the development and management of residential real estate in the micro-apartment segment, most effectively yields the returns we are expecting. In the future, we intend to concentrate exclusively on innovative living concepts in cities with a high proportion of single households.” For this reason the purchase contracts for the properties in Neuss, Bochum and Büdingen were not performed. This decision of the management is leading to a write-down on the properties mentioned and the resulting losses are being offset on the balance sheet by a capital reduction according to Maltese law. These measures ultimately lead to a balance sheet contraction and have no effect on the company’s liquidity or on the interest payment or repayment of the issued bond. The total volume of the bond has already been adjusted to the new business orientation of the company. There are currently 285 residential units being sold in Würzburg, which are being specifically built for students and hospital nursing staff. The property consists of four new buildings and one refurbished existing building. In addition to 246 apartments with an average size of 21.9 m², 39 apartments for flat-sharing communities can also be purchased. EVAN expects the construction work to be completed in autumn/winter 2021. About EVANGroup plc: EVANGroup plc is an institutional owner-operator of commercial properties in the top 10 German cities, using their long-standing experience to achieve appreciations in value in underserved niche markets, such as micro living for students and professionals, affordable accommodation for skilled personnel and specialty commercial properties. EVAN is following in the footsteps of UNIMO Real Estate Holding AG, with which EVAN’s owners have successfully completed numerous transactions over the past two decades. EVANGroup plc is building up the current and future portfolio of commercial and residential real estate in Germany on the basis of its livinit concept (development and management of residential properties).
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13.03.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | EVAN Group plc. |
St. Christopher Street 168 | |
VLT 1467 Valletta | |
Malta | |
E-mail: | info@evan-group.com |
Internet: | www.evan-group.de |
ISIN: | DE000A19L426 |
WKN: | A19L42 |
EQS News ID: | 997143 |
End of News | DGAP News Service |